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Exhibit 99.1 Contact : Jennifer Rosa ( 216 ) 429-5037 For release January 28 , 2021 Extraordinary Associate Effort Drives Business , Supports Customers at TFS Financial Corporation ( Cleveland , OH - January 28 , 2021 ) - TFS Financial Corporation ( NASDAQ : TFSL ) ( the " Company " ) , the holding company for Third Federal Savings and Loan Association of Cleveland ( the " Association " ) , today announced results for the quarter ended December 31 , 2020 . The Company reported net income of $ 25.0 million for the quarter ended December 31 , 2020 , compared to net income of $ 25.6 million for the quarter ended December 31 , 2019. The change included a decrease in net interest income , an increase in other operating expenses and an increase in non - interest income , bolstered by increased net gains on the sale of loans . " At Third Federal , our associates continue to do extraordinary things for our customers during these unprecedented times , " said Chairman and CEO , Marc A. Stefanski . “ Our strong loan originations this quarter , and a continued decrease in forbearances , are a testament to our associates ' effort . Their support of our customers and our company are the reason we have been strong , stable and safe since our founding in 1938. ” Loan originations , mainly refinances , continued at an active pace . We sold , or committed to sell , $ 293.5 million of fixed - rate loans and recorded related gains of $ 16.4 million during the quarter ended December 31 , 2020 , as we took advantage of high origination levels , low interest rates and attractive Fannie Mae loan sale prices , while also managing our interest rate risk . Net interest income decreased $ 5.5 million , to $ 58.7 million for the quarter ended December 31 , 2020 from $ 64.2 million for the quarter ended December 31 , 2019. This decrease was primarily due to a 52 basis point reduction in the yield on interest - earning assets , primarily loans , to 2.88 % during the quarter ended December 31 , 2020 from 3.40 % during the quarter ended December 31 , 2019 , as many borrowers are refinancing to take advantage of the current low interest rate environment . The yield on interest - earning assets was 2.95 % for the quarter ended September 30 , 2020. The decrease in yield was partially offset by a reduction in the cost of interest - bearing liabilities , which decreased 40 basis points to 1.37 % for the quarter ended December 31 , 2020 from 1.77 % during the quarter ended December 31 , 2019. Funding costs were lowered through a reduction in the average balance of borrowed funds , including the early termination of above - market priced FHLB borrowings and their related swap contracts during the quarter ended September 30 , 2020 , and through the repricing of certificates of deposit , to market rates of interest , as they mature . The interest rate spread for the quarter ended December 31 , 2020 was 1.51 % compared to 1.63 % for the prior year quarter . The net interest margin for the quarter ended December 31 , 2020 was 1.66 % compared to 1.82 % during the quarter ended December 31 , 2019 . The provision for loan losses was a credit of $ 2.0 million for the quarter ended December 31 , 2020 compared to a credit of $ 3.0 million for the quarter ended December 31 , 2019. On October 1 , 2020 , the Company adopted the Current Expected Credit Loss ( " CECL " ) methodology and recognized a $ 46.2 million increase to the allowance for credit losses , and a related $ 35.8 million reduction to retained earnings , net of tax . The Company recorded $ 1.3 million of net loan recoveries for the quarter ended December 31 , 2020 compared to $ 1.4 million of net loan recoveries for the quarter ended December 31 , 2019. Gross loan charge - offs were $ 0.9 million for the quarter ended December 31 , 2020 and $ 1.6 million for the quarter ended December 31 , 2019 , while loan recoveries were $ 2.1 million in the current quarter and $ 3.0 million in the prior year quarter . The allowance for credit losses was $ 92.3 million , or 0.71 % of total loans receivable , at December 31 , 2020 , including a $ 22.0 million liability for unfunded commitments . The allowance for loan losses was $ 46.9 million , or 0.36 % of total loans receivable , at September 30 , 2020 and $ 37.3 million , or 0.28 % of total loans receivable , at December 31 , 2019 . Total loan delinquencies remained unchanged at $ 28.2 million , representing 0.22 % of total loans receivable at December 31 , 2020 and 0.21 % of total loans receivable at September 30 , 2020. Non - accrual loans decreased $ 2.6 million to $ 50.6 million , or 0.39 % of total loans receivable , at December 31 , 2020 compared with $ 53.4 million , or 0.41 % of total loans receivable , at September 30 , 2020 . At December 31 , 2020 , there were $ 94.1 million of loans , or 0.73 % of total loans receivable , in COVID - 19 forbearance plans compared to $ 165.6 million , or 1.26 % of total loans receivable , at September 30 , 2020. These forbearance plans allow borrowers experiencing temporary financial hardships related to COVID - 19 to defer a limited number of payments to a later point in time and catch up missed payments through a variety of repayment options . In accordance with regulatory guidance and the Coronavirus Aid , Relief , and Economic Security ( " CARES " ) Act , the delinquency and accrual status of accounts in COVID - 19 forbearance plans are generally frozen as of a specific date prior to entering a forbearance plan . The majority of our forbearance plans were current at the measurement dates with interest income accruing throughout the term of their forbearance and , therefore , are not included in reported delinquency or non - accrual totals .